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As I wrote in another comment, the miners are not really in control once there is an alternative solution. They can continue using POW (if they manage to coord
by arlcode 4y ago
As I wrote in another comment, the miners are not really in control once there is an alternative solution.
They can continue using POW (if they manage to coordinate an independent self-destruct mechanism override) however they cannot force the actual users (private individuals and infrastructure providers) to do so.
If miners don't manage to capture a significant fraction of ETH value in their hypothetical ETHPOW chain it won't be worth their effort. Buying a GPU for mining now caries a significant business risk and prices are already declining.
PS: There are billions of dollars already staked in the (currently empty) POS chain.
- mort96 4y agoWell, we'll see I guess. I certainly hope you're right. But PoS has been "right around the corner" for the last half decade at least, so I'll believe it when I see it. I do wonder what miners would do with all their hardware and infrastructure tho. Presumably they'll all just move to another cryptocurrency and nothing really changed, etherium got a little cleaner while bitcoin or whatever got a little dirtier.
- arlcode 4y agoA sensible approach :) Let's hope that POW turns out to be a very brief (in the great scheme of things) peak of human creativity / stupidity.